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Question 17

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts PayableBoden.

July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.

2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $567.

3 Paid $110 cash for freight charges on the purchase of July 1.

8 Sold merchandise that had cost $2,100 for $2,500 cash.

9 Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.

11 Returned $900 of merchandise purchased on July 9 from Leight Co., and debited its account payable for that amount.

12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.

16 Paid the balance due to Boden Company within the discount period.

19 Sold merchandise that cost $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19, and credited Art's accounts receivable for that amount.

24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount.

31 Sold merchandise that cost $5,600 to Creek Co. for $7,300 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

(Please use the word bank down below to fill out the General Journal for question 17 only)

Word Bank

1. Accounts payableArt
2. Accounts payableBoden
3. Accounts payableCreek
4. Accounts payableLeight
5. Accounts receivableArt
6. Accounts receivableBoden
7. Accounts receivableCreek
8. Accounts receivableLeight
9. Accumulated depreciation
10. Additional paid-in capital
11. Bond premium
12. Bonds payable
13. Building
14. Cash
15. Common stock
16. Cost of goods sold
17. Depreciation expense
18. Discount on bonds payable
19. Dividends declared
20. Goodwill
21. Interest expense
22. Interest income
23. Interest payable
24. Interest receivable
25. Land
26. Merchandise inventory
27. Miscellaneous expenses
28. Sales
29. Sales discounts
30. Sales returns and allowances

Question 17

1.) Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.

Date General Journal Debit Credit

July 01

2.) Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2.

Date General Journal Debit Credit

July 02

3.) Record the cost of merchandise sold, $567

4.) Paid $110 cash for freight charges on the purchase of July 1.

5.) Record sale of merchandise for $2,500 cash.

6.) Record cost of merchandise sold, $2,100.

7.) Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.

8.) Returned $900 of merchandise purchased on July 9 from Leight Co., and debited its account payable for that amount.

9.) Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.

10.) Paid the balance due to Boden Company within the discount period.

11.) Sold merchandise to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.

12.) Record cost of merchandise sold, $1,000.

13.) Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19, and credited Art's accounts receivable for that amount.

14.) Paid Leight Co. the balance due, net of discount.

15.) Received the balance due from Art Co. for the invoice dated July 19, net of discount.

16.) Sold merchandise to Creek Co. for $7,300 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

17.) Record cost of merchandise sold, $5,600.

Question 18

Prepare journal entries to record the following merchandising transactions of Lou's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts PayableAron.

Aug.1Purchased merchandise from Aron Company for $4,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.

5 Sold merchandise to Baird Corp. for $2,800 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $2,000.

8 Purchased merchandise from Waters Corporation for $3,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8.

9 Paid $130 cash for shipping charges related to the August 5 sale to Baird Corp.

10 Baird returned merchandise from the August 5 sale that had cost Lou's $500 and was sold for $1,000. The merchandise was restored to inventory.

12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lou's received a price reduction from Waters of $300 off the $3,000 of goods purchased. Lou's debited accounts payable for $300.

14 At Aron's request, Lou's paid $230 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10.

18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.

19 Sold merchandise to Tux Co. for $2,400 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,200.

22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lou's gave a price reduction (allowance) of $400 to Tux, and credited Tux's accounts receivable for that amount.

29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30Paid Aron Company the amount due from the August 1 purchase.

Create Journal Entry Worksheet

1.) Purchased merchandise from Aron Company for $4,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.

2.) Sold merchandise to Baird Corp. for $2,800 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5.

3.)Record cost of merchandise sold, $2,000.

4.) Purchased merchandise from Waters Corporation for $3,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8.

5.) Paid $130 cash for shipping charges related to the August 5 sale to Baird Corp.

6.) Baird returned merchandise from the August 5 sale that was sold for $1,000.

7.)Record the merchandise, cost $500, that was restored to inventory.

8.) After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lou's received a price reduction from Waters of $300 off the $3,000 of goods purchased. Lou's debited accounts payable for $300.

9.) At Aron's request, Lou's paid $230 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron.

10.)Received balance due from Baird Corp. for the August 5 sale less the return on August 10.

11.)Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.

12.)Sold merchandise to Tux Co. for $2,400 under credit terms of n/10, FOB shipping point, invoice dated August 19.

13.)Record cost of merchandise sold, $1,200.

14.)Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lou's gave a price reduction (allowance) of $400 to Tux, and credited Tux's accounts receivable for that amount.

15.)Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22.

16.)Paid Aron Company the amount due from the August 1 purchase.

Question 16

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May 11 Sydney accepts delivery of $38,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $25,460. Sydney pays $700 cash to Express Shipping for delivery charges on the merchandise.

12 Sydney returns $2,800 of the $38,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,876.

20Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Assume that both buyer and seller use a periodic inventory system and the gross method.1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.

2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

I just need help filling out required 2

1.) Sydney accepts delivery of $38,000 of merchandise it purchases for resale from Troy: invoice dated May 11, with terms of 3/10, n/90, FOB shipping point.

2.) Sydney returns $2,800 of the $38,000 of goods to Troy.

3.) Sydney mails a check to Troy Corporation for the amount owed. Troy receives the cash immediately.